Task 1 (P1, P2, P3):
To start a business we need to figure out what is going to be our mission statement, the mission statement is the main purpose of a business. For example, you and your friend decided set up a business. Whatever the business is you need to have a purpose of it, otherwise it’s not going to be beneficial or it will be difficult to run this business. If the business is based on selling bikes than purpose or the mission statement would be to sell the product with good profit and to be the biggest company in the UK. Now to maintain or to succeed the purpose, it is required to have an aim. The aims are the goals or targets that have to be reach in order to accomplish the purpose. For instance, one of the aims for the bike business would be, to double the number of consumer by next two years. We can notice that the aim is helping to achieve the mission statement which is the main purpose (the purpose is motioned in the first paragraph) of the business (Incensement t in consumer number means more sales). Finally, to accomplish or to reach the aim, it is required to set up the objectives. The object is the activities that are going to take place for being able to succeed the aim. The objectives of business are followed by S.M.A.R.T, it is stand for: Specific- Exact statement of what we will do.
Measurable- Keeping tracked with the achievement progress.
Achievable- The target is possible to achieve.
Realistic- The target must be sensible.
Time- constrained- There must be a deadline/ Time limit.
An example of an S.M.A.R.T objective is, ‘Minimise the prize by 10% for six months and after that increase the cost by 5% in every single product, in order to make profits’. This is a SMART objective because it contain a specific point (Minimise the prize & to increase the prize), it is measurable (The target contain percentage which is 10%), it is achievable because we are not reducing too much which would affect us and we are not increasing the prize too much so it can not affect the consumers either. In a business organisation aims and objects are essential to move on for the next step. Aims and objectives are required to increase the profit, to increase the size and scale of business and to run the organisation. So, the business organisations setting their aims and objectives to improve their businesses and making more profits, sometimes it helps to get out of the recession. That is the purpose of the business for setting aims and objectives.
As we know, aim is a target which helps to reach the mission statement of the business. Therefore, for Sam and Mike’s business I think their first aim should be, to attract the consumer. I am suggesting this aim because, as new business you need to make people to come, so you can introduce your store or business. So this is one of the ways to make consumer to visit or to buy your products, especially to introduce. To achieve this aim you both need to have a plan (what you need to do/ what activities) which will lead you to be success. So you need an object as a first establish business I will recommend to minimise the prize by 25% and provide the best service to the customer (the offer must continued at least three months), make at least 10% of profit by one year. Here are some aims and objectives for Sam and Mike’s business: * Aim: Expand the business, start to open new branches.
* Objective: Reduce prices by 45% on certain products which are not popular, this offer should last only one month; Recruit employee. * Aim: To get out of the recession.
* Objective: Reduce ¾ goods by 50% to attract the consumer attention. * Aim: Keep the production cost low.
* Objective: Manage to recruit less worker and provide course for developing their skills (the course should last for 3 months), this course must be repeated every year and this time it must be online based course. As a result the company will able to increase the production for 20%...
Please join StudyMode to read the full document